Core Viewpoint - The report from Zhongyou Securities indicates that Kefu Medical achieved a net profit attributable to the parent company of 167 million yuan in the first half of 2025, representing a year-on-year decline of 9.51% [1] Financial Performance - In H1 2025, the company implemented strategic adjustments to low-efficiency product categories and models, resulting in a gross profit margin increase of 1.8 percentage points year-on-year [1] - The core product categories showed strong growth momentum, with significant sales acceleration starting in the second quarter for self-developed ventilators [1] Product Development - Key products such as the blood glucose and uric acid integrated machine, pre-heating thermometers, and home test strips also exhibited good development momentum [1] - Continuous product iteration and channel optimization have further solidified the market position and competitive advantage of core categories, laying a solid foundation for future performance growth [1] Business Expansion - The hearing aid business has been continuously developing, with revenue growth exceeding 20% year-on-year in H1 2025 [1] - The company plans to accelerate the implementation of its digital strategy, fully utilizing a new generation retail management system to drive marketing strategy formulation, product structure adjustments, and inventory turnover management [1] Future Outlook - With the increasing proportion of old stores in the hearing aid business, there is potential for this segment to gradually turn profitable, which may become the company's second growth curve [1]
研报掘金丨中邮证券：可孚医疗核心品类增长动能强劲，健耳听力业务有望逐步扭亏为盈